Investing in a new home is one of the most exciting, life-changing decisions you can make, but with any purchase of this size, there are risks. Careless or fraudulent behavior can cause horrific scenarios where vast amounts of money are lost. Fortunately, whether you’re buying or selling a property, a St Petersburg Residential Real Estate Attorney can make the complicated closing process flawless and prepare a title insurance policy that protects both your future and your investment.
Experienced Residential Real Estate Closings and Title Insurance Attorneys Ross & Pardun
A Division of Battaglia, Ross, Dicus & McQuaid, P.A.
Howard P. Ross and Andrew R. Pardun have over 50 years worth of successful experience working as Residential Real Estate Attorneys in St Petersburg. As highly reputable litigators, their expertise in the field can help you manage the responsibility of purchasing or selling Residential Real Estate and obtain a highly advisable insurance policy for any loses you may encounter.
Ross and Pardun are attorneys at Battaglia, Ross, Dicus & McQuaid, P.A. which for over 60 years has been providing outstanding legal assistance to St. Petersburg. Battaglia Ross Dicus & McQuaid, P.A. is ranked by US News and World Reports as a Tier 1 Law Firm.
Free Consultation for Residential Real Estate Assistance
If you are considering purchasing or selling Real Estate in Florida, then contact us today for a free initial consultation so we can discuss your closing and title insurance needs.
What is a Residential Real Estate Closing?
In Residential Real Estate Closings, the property title is transferred from the seller to the buyer. During this process, the agreed funds are collected, contracts are negotiated and then signed. A Closing Disclosure Form is used and confirms the transaction once signed.
Any misunderstanding of what your signing will often result in considerable amounts of money being lost, and potentially expensive court battles.
A common residential real estate closing process includes:
- Buyers taking out a loan for the purchase of the property must sign a promissory note stating they’ll repay the loan.
- Buyers will have to sign a mortgage, which gives the lending bank a security interest in their property, which will be used as collateral for the loan.
- Buyers will be given warranties and inspection reports of the property.
- Buyers receive a commitment for the issuing of a title policy.
Residential Real Estate Closing Documents
- The Purchase and Sale Agreement: This is the agreement between seller and buyer for the purchase and sale of real estate. It requires careful attention to detail.
- Warranty Deed: This key document exchanges the title from the seller to the buyer and describes the property being sold. It is recorded in the public records of the county, to allow public notice of the ownership.
- Promissory Note: This states the conditions of any money being borrowed, including loan amounts, monthly payments, interest rates, late fees and all details of where and when payments will be made.
- Survey: A document prepared by a licensed surveyor to outline the property’s legal description and boundary lines.
- Appraisal: A licensed Florida real estate appraiser will provide an independent value determination for the lender.
- Title Insurance: This is a crucial part of the closing, as it protects the buyer and lender against any title faults such as forged deeds, encumbrances, or incorrect descriptions.
- Closing Statement or Closing Disclosure: This a summary of all the closing costs, debits and credits owed or to both parties. The document states how much the seller nets from the sale, and how much buyer needs to pay to close the purchase.
Why You Need an Attorney for Residential Real Estate Closings
The transactions involved in residential real estate will likely be one of the most significant occurrences for the parties involved in their entire life. Although it is not legally required that you have a lawyer on your side, choosing to do so means you protect your investment.
Our goals are simple: To protect your money and property rights, and to make the transaction move flawlessly and efficiently.
Work Through Closing Documents
Any real estate closing will involve a large pile of documents to read and sign. These include legally binding contracts such as mortgage documents and other agreements. Understandably, it’s a bit daunting. We’ll ensure that you fully understand each contract before you sign them, so you avoid any regretful mistakes.
Help You Understand the Risks
Real Estate contracts are notorious for being full of traps. A Real Estate Closing lawyer will make sure you’re aware of all future scenarios from missed payments to interest rates and balloon payments.
Protect Your Rights
We’ll make sure that your rights are protected in all closing documents to ensure your rights are a priority and that the purchase is fair. We’ll also educate you so that if there are any hiccups in the future, you’ll know which rights have been violated. Should a property defect arise or the other party back out, you will know your legal rights.
Deal With Disputes
Disputes, title defects, easement, or misrepresentation in documents need legal knowledge to be dealt with. An attorney’s experience as a litigator often proves pivotal in rescuing real estate transactions.
If any issues arise that affect title such as an easement, right-of-way or liens, then an attorney will work to find a solution that keeps the deal on track. Without an attorney, you put yourself into a risky position of dealing with the complicated negotiations alone; don’t make the same mistake others have.
Why Do I Need Title Insurance
Almost every successful Residential Real Estate purchase and sale we’ve worked on in St Petersburg has involved Title Insurance. To say it is highly advised is an understatement. Without it, you subject your investment to enormous risk.
Title Insurance protects you against financial loss caused by title faults. Without a Title Insurance policy, you could find yourself losing the ownership of the property and paying substantial litigation fees. Your insurer may reimburse you for losses or fight for your interests in a court case.
Finding a policy which protects you from the pitfalls of title defects is daunting, but by hiring a St Petersburg Title Insurance Attorney you can discuss your case to find the optimal solution. A reputable lawyer will have extensive knowledge from their previous experience, to protect your investment.
Common Title Defects:
- Claims made by missing heirs or ex-partners
- Prior deeds including invalid legal descriptions
- Missing previous mortgage payments
- Federal IRS or State of Florida Liens
- Hidden easements or rights of way
- Issues with property taxes or homeowner assessments
- Survey Issues
- Clerical Errors
- Mental Incompetence
- Forged Signatures
Hire a St Petersburg Residential Real Estate Closings and Title Insurance Attorney
If you’re looking to buy or sell a residential property in St Petersburg, then we’ll work to ensure all of your closing documents are correct and in line with Florida’s Real Estate Laws. We’ll make sure that your title, deed and all the contracts you need to sign are error free so you can go ahead and seal the transaction.
We have decades worth of experience as St Petersburg Real Estate and Title Insurance Lawyers and would love to help you with your exciting and life-changing deal.